BTIG Research Downgrades Seadrill (NYSE:SDRL) to Neutral

BTIG Research lowered shares of Seadrill (NYSE:SDRL) from a buy rating to a neutral rating in a report issued on Tuesday, BenzingaRatingsTable reports. They currently have $304.00 price objective on the oil and gas company’s stock.

Separately, ValuEngine upgraded shares of Seadrill from a sell rating to a hold rating in a research report on Thursday, August 1st.

SDRL stock opened at $2.68 on Tuesday. The firm’s 50-day moving average price is $3.73 and its two-hundred day moving average price is $6.49. Seadrill has a 12-month low of $2.07 and a 12-month high of $26.72. The company has a debt-to-equity ratio of 2.46, a quick ratio of 3.23 and a current ratio of 3.23.

Seadrill (NYSE:SDRL) last released its quarterly earnings data on Thursday, May 23rd. The oil and gas company reported ($2.95) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.31) by ($0.64). The business had revenue of $302.00 million for the quarter, compared to analysts’ expectations of $279.00 million. The business’s revenue was up 6.1% on a year-over-year basis.

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in shares of Seadrill by 7,978.1% in the second quarter. BlackRock Inc. now owns 2,915,940 shares of the oil and gas company’s stock valued at $12,129,000 after acquiring an additional 2,879,843 shares during the period. Vanguard Group Inc. increased its position in shares of Seadrill by 37.4% in the second quarter. Vanguard Group Inc. now owns 1,927,004 shares of the oil and gas company’s stock valued at $8,016,000 after acquiring an additional 524,757 shares during the period. Marshall Wace LLP increased its position in shares of Seadrill by 176.8% in the first quarter. Marshall Wace LLP now owns 832,831 shares of the oil and gas company’s stock valued at $6,921,000 after acquiring an additional 532,003 shares during the period. Russell Investments Group Ltd. increased its position in shares of Seadrill by 31.5% in the second quarter. Russell Investments Group Ltd. now owns 686,279 shares of the oil and gas company’s stock valued at $2,810,000 after acquiring an additional 164,296 shares during the period. Finally, NINE MASTS CAPITAL Ltd purchased a new position in shares of Seadrill in the first quarter valued at about $5,652,000. Hedge funds and other institutional investors own 8.93% of the company’s stock.

Seadrill Company Profile

Seadrill Ltd. is an offshore drilling contractor providing offshore drilling services to the oil and gas industry. Its primary business is the ownership and operation of drillships, semi-submersible rigs, jack-up rigs, tender rigs for operations in shallow, mid, deep, and ultra deep-water areas, and in benign and harsh environments.

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